Economy
The Social Impact Of Cryptocurrency Adoption
In recent years, cryptocurrency adoption has significantly increased, disrupting established banking institutions and influencing society. This stemmed from the decentralized feature of cryptocurrency that made it a viable tool or wealth creation.
People can make money from cryptocurrency through various means in Nigeria. Notable of which is crypto trading, where you can convert cryptocurrencies like Bitcoin to naira at a wide profit margin.
In the foregoing, this article highlights the various ways in which cryptocurrency adoption is transforming society and empowering individuals all across the world.
What Is Cryptocurrency Adoption?
Cryptocurrency adoption is the process through which cryptocurrencies are widely accepted, integrated, and used in various societal contexts as a legitimate form of digital currency. It includes everyone who accepts cryptocurrency as payment, investment vehicles, and technological advancement.
For people to accept cryptocurrencies as a legitimate substitute for fiat currencies, they must use them for personal transactions like paying for goods and services or transferring money. Furthermore, companies and e-commerce platforms may accept cryptocurrencies as a payment method to enhance customer options and foster a more open global financial environment.
Cryptocurrency adoption involves investments in which individual and institutional investors actively trade, hold, or diversify their portfolios using cryptocurrencies. This reflects that more people are beginning to see cryptocurrencies as a class of assets with the potential for long-term development and wealth creation.
Forms Of Cryptocurrency Adoption
1. Trading And Investment In Cryptocurrencies
Individuals and institutional investors buy and hold cryptocurrencies as investments. They use cryptocurrency exchanges or platforms to purchase, sell, and trade digital assets. This is peculiar to the Nigerian crypto landscape, where investors trade different crypto assets.
Some of the most-traded cryptocurrencies in Nigeria are Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), and Litecoin (LTC). Therefore you can buy and sell your cryptocurrencies at crypto exchanges or other digital trading platforms – notably Prestmit.
2. Businesses Accepting Cryptocurrencies As Payment
Cryptocurrencies are a form of payment that some physical and online businesses have adopted to accept for their products and services. They could incorporate payment processors or digital wallets to make crypto transactions easier.
3. Individuals Using Cryptocurrencies For Private Transactions
Individuals use cryptocurrencies to make purchases, transfer payments, or engage in financial activities such as paying for products and services, transferring money to others, or investing in digital assets. This means that you can share your cryptocurrency from your wallet to another crypto wallet, just as you transfer funds from your bank account to another bank account.
For instance, if you have a Bitcoin wallet on Prestmit, you can quickly transfer your BTC from the wallet to a Bitcoin address with a glitch. This is also peculiar to other wallets such as the Dogecoin wallet, Litecoin wallet, and USDT wallet.
In addition, you can use cryptocurrency to buy products these days. In this instance, it is familiar and easy to use crypto assets like your Bitcoin to purchase gift cards, just as you can convert gift cards to Bitcoin.
Social Impact Of Cryptocurrency Adoption
1. Job Creation And Economic Growth
Cryptocurrency adoption has boosted the emerging industry, offering countless job possibilities and encouraging economic growth. From cryptocurrency exchanges and wallet providers to blockchain engineers and cybersecurity specialists, the crypto space has created avenues for creative enterprises and competent workers.
Moreover, blockchain technology can potentially optimize supply chains, improve efficiency, and reduce costs across numerous industries to promote economic development.
2. Democratizing Investments
The introduction of cryptocurrencies and blockchain technology has democratized investment options. Traditional investment opportunities have frequently been restricted to the rich or well-connected.
However, cryptocurrency markets have lowered entry barriers. It allows anyone with internet access to invest in a wide range of digital assets to reduce wealth inequalities. Another popular digital asset is gift cards, in which gift card trading is one of the viable ways to make money online. Therefore, you can buy and sell gift cards for naira on digital trading platforms like Prestmit.
In this light, these enable individuals from diverse backgrounds to participate in wealth creation and benefit from the growth of decentralized financial ecosystems.
3. Disintermediation
The elimination of third parties, such as banks and payment processors, has positioned cryptocurrencies as a threat to the old financial system. Blockchain-powered peer-to-peer (P2P) transactions reduce fees, boost transaction speed, and offer users ultimate ownership over their financial holdings.
This disintermediation can undermine old power systems, redistribute wealth, and provide citizens universal monetary sovereignty.
4. Financial Inclusion
Cryptocurrencies can revolutionize financial inclusion through their ability to enable participation in cross-border financial transactions for those with limited access to traditional banking services.
Peer-to-peer (P2P) transactions, safe money storage, and direct access to critical financial services are all possible for people in underserved areas with just an internet connection and a smartphone. It can improve whole communities and spur economic growth by empowering the unbanked populace.
Conclusion
Cryptocurrency adoption is a revolutionary force with broad societal impacts. It provides people with more freedom by promoting financial inclusion, democratizing investments, and increasing transparency. It also encourages economic expansion and job development, opening doors for creative firms and new employment possibilities.
However, it is important to address the difficulties in cryptocurrency adoption, such as security issues, legal frameworks, and environmental sustainability.
By Adedapo Adesanya
Food Concepts Plc neutralized the gains recorded by three securities, returning the NASD Over-the-Counter (OTC) Securities Exchange into the negative territory with a 0.27 per cent loss on Thursday, December 4.
Yesterday, the share price of the parent company of Chicken Republic and PieXpress declined by 34 Kobo to sell at N3.15 per unit compared with the previous day’s N3.49 per unit.
This shrank the market capitalisation of the OTC bourse by N5.72 billion to N2.136 billion from N2.142 trillion and weakened the NASD Unlisted Security Index (NSI) by 9.57 points to 3,571.53 points from 3,581.10 points.
Business Post reports that Central Securities Clearing System (CSCS) Plc went down by 50 Kobo to N38.50 per share from N38.00 per share, FrieslandCampina Wamco Nigeria Plc gained 29 Kobo to sell at N55.79 per unit versus N55.50 per unit, and Geo-Fluids Plc added 5 Kobo to close at N4.60 per share compared with Wednesday’s closing price of N4.55 per share.
Trading data indicated that the volume of securities recorded at the session surged by 6,885.3 per cent to 4.3 million units from the 61,570 units posted a day earlier, the value of securities increased by 10,301.7 per cent to N947.2 million from N3.3 million, and the number of deals went up by 146.7 per cent to 37 deals from the 15 deals achieved in the previous trading session.
At the close of business, Infrastructure Credit Guarantee Company (InfraCredit) Plc was the most traded stock by value on a year-to-date basis with the sale of 5.8 billion units for N16.4 billion, trailed by Okitipupa Plc with 170.4 million units worth N8.0 billion, and Air Liquide Plc with 507.5 million units valued at N4.2 billion.
InfraCredit Plc also finished the session as the most traded stock by volume on a year-to-date basis with 5.8 billion units transacted for N16.4 billion, followed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.2 million, and Impresit Bakolori Plc with 536.9 million units traded for N524.9 million.
By Dipo Olowookere
The upward trend witnessed at the Nigerian Exchange (NGX) Limited in recent sessions continued on Thursday as it further improved by 0.10 per cent.
This was despite investor sentiment turning bearish after the local equity market ended with 23 price gainers and 28 price gainers, indicating a negative market breadth index.
UAC Nigeria gained 10.00 per cent to finish at N88.00, Morison Industries appreciated by 9.94 per cent to N3.54, Ecobank rose by 8.53 per cent to N36.90, and Coronation Insurance grew by 8.47 per cent to N2.56.
On the flip side, Ellah Lakes depreciated by 10.00 per cent to N13.14, Eunisell Nigeria also shed 10.00 per cent to finish at N72.90, Transcorp Hotels slipped by 9.95 per cent to N157.50, Omatek shrank by 9.23 per cent to N1.18, and Guinea Insurance dipped by 8.46 per cent to N1.19.
Yesterday, the All-Share Index (ASI) went up by 152.28 points to 145,476.15 points from 145,323.87 points and the market capitalisation chalked up N97 billion to finish at N92.726 trillion compared with the previous day’s N92.629 trillion.
Customs Street was bubbling with activities on Thursday, though the trading volume and value slightly went down, according to data.
A total of 1.9 billion stocks worth N19.2 billion exchanged hands in 23,369 deals during the session versus the N2.3 billion valued at N21.0 billion traded in 21,513 deals a day earlier.
This showed that the number of deals increased by 8.63 per cent, the volume of transactions depleted by 17.39 per cent, and the value of trades decreased by 8.57 per cent.
For another trading day, eTranzact led the activity chart with 1.6 billion units sold for N6.4 billion, Fidelity Bank traded 31.0 million units worth N589.3 million, GTCO exchanged 28.3 million units valued at N2.5 billion, Zenith Bank transacted 27.1 million units for N1.6 billion, and Ecobank traded 21.9 million units worth N744.3 million.
By Adedapo Adesanya
The Naira marginally depreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 4 amid renewed forex pressure associated with December.
At the official market yesterday, the Nigerian currency lost 0.01 per cent or 18 Kobo against the Dollar to close at N1,447.83/$1 compared with the previous day’s N1,447.65/$1.
It was not a different scenario with the local currency in the same market segment against the Pound Sterling as it further shed N15.43 to sell for N1,930.97/£1 versus Wednesday’s closing price of N1,925.08/£1 and declined against the Euro by 20 Kobo to finish at N1,688.74/€1 compared with the preceding session’s N1,688.54/€1.
Similarly, the Nigerian Naira lost N5 against the greenback in the black market to quote at N1,465/$1 compared with the previous day’s value of N1,460/$1 but closed flat against the Dollar at the GTBank FX counter at N1,453/$1.
Fluctuations in trading range is expected to continue during the festive season as traders expect the Nigerian currency to be stable, supported by intervention s by to the Central Bank of Nigeria (CBN)in the face of steady dollar demand.
Support is also expected in coming weeks as seasonal activities, particularly the stylised “Detty December” festivities, will see inflows that will give the Naira a boost after it depreciated mildly last month, according to a new report.
“As the festive Detty December season intensifies, inbound travel, tourism spending, and diaspora inflows are expected to provide moderate support for FX liquidity,” analysts at the research unit of FMDA said in its latest monthly report for November.
Traders cited by Reuters expect that the Naira will trade within a band of N1,443-N1,450 next week, buoyed by improved FX interventions by the apex bank.
Meanwhile, the crypto market was down as the US Federal Reserve’s preferred inflation gauge, core PCE, likely rose in September—moving in the wrong direction. However, volatility indices show no signs of major turbulence.
If the actual figure matches estimates, it would mark 55 straight months of inflation above the US central bank’s 2 per cent target. The sticky inflation would strengthen the hawkish policymakers, who are in favour of slower rate cuts.
Ripple (XRP) depreciated by 4.5 per cent to $2.08, Solana (SOL) went down by 3.8 per cent to $138.11, Litecoin (LTC) shrank by 3.1 per cent to $83.23, Dogecoin (DOGE) slid by 2.5 per cent to $0.1463, Cardano (ADA) declined by 2.1 per cent to $0.4368, Bitcoin (BTC) fell by 0.9 per cent to $91,975.45, Binance Coin (BNB) crumbled by 0.9 per cent to $899.41, and Ethereum (ETH) dropped by 0.7 per cent to $3,156.44, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
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